Law of Contracts Final Exam Part 2

Front

Brianna is selling her home to downsize and live closer to her grandchildren. She has been looking at a property to buy, and while the sellers are eager to close the sale, Brianna has made it clear she won't buy until her current property is sold. This is an example of a(n):

Back

sale of another property contingency

Front

What is typically added to a contract before it's signed and specifies supplementary information not previously included in the contract?

Back

addenda

Front

What does Natalea need to do now regarding the seller's request to stay for three days after closing?

Back

prepare an amendment and add the Seller’s Temporary Lease Agreement

Front

When a lender agrees to allow the borrower to sell the property and accept less than a full pay off amount, it is referred to as a(n):

Back

short sale

Front

All of the following legislation was designed to protect consumers from unfair lending practices EXCEPT: Americans with Disabilities Act, Equal Credit Opportunity Act, Truth in Lending Act, Real Estate Settlement Procedures Act

Back

Americans with Disabilities Act

Front

Which of the following documents are considered proof of ownership? the deed, the title policy

Back

the deed

Front

Loan approval consists of two different approvals. What are they?

Back

approval of the buyer and approval of the property

Front

What, if anything, must happen when an inspector reports a problem?

Back

No one is technically required to repair the problem.

Front

The effective date is determined by: the final date of acceptance, when the seller accepts an offer, when the first draft of the contract is given to clients, when the contract is put into writing

Back

the final date of acceptance

Front

Which of the following is NOT a good contract practice?
Advise sellers that they must accept the offer that is received first.
Always fill in the contact information accurately.
Get the final contract in writing.
Set closing 30-45 days out

Back

Advise sellers that they must accept the offer that is received first.